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Stonebridge Preferred Income, Series 46
Ticker Symbol: FDYXLX
Holdings (As of Day of Deposit) |
Ticker |
Name of Issue of Securities |
Issue Date |
S&P
Rating* |
Initial
Weight |
Redemption
Provisions** |
Market Value
Per Share*** |
AEFC |
Aegon Funding Company LLC, 5.100%, Due 12/15/2049 |
10/22/2019 |
BBB– |
2.25% |
12/15/24 @ 25 |
$21.27 |
MGRD |
Affiliated Managers Group, Inc., 4.200%, Due 09/30/2061 |
7/13/2021 |
BBB– |
0.50% |
09/30/26 @ 25 |
16.88 |
MGRE |
Affiliated Managers Group, Inc., 6.75%, Due 03/30/2064 |
3/20/2024 |
BBB– |
2.00% |
03/30/29 @ 25 |
25.60 |
ALL.J |
The Allstate Corporation, Series J, 7.375% |
5/18/2023 |
BBB– |
3.01% |
07/15/28 @ 25 |
26.79 |
APOS |
Apollo Global Management, Inc., 7.625% Variable Rate, Due 09/15/2053 |
8/23/2023 |
BBB+ |
1.50% |
09/15/28 @ 25 |
26.53 |
ACGLN |
Arch Capital Group Ltd., Series G, 4.550% |
6/11/2021 |
BBB |
1.25% |
06/11/26 @ 25 |
19.53 |
AIZN |
Assurant, Inc., 5.250%, Due 01/15/2061 |
11/19/2020 |
BB+ |
1.00% |
01/15/26 @ 25 |
20.87 |
T.A |
AT&T Inc., Series A, 5.000% |
12/12/2019 |
BB+ |
2.50% |
12/12/24 @ 25 |
21.15 |
T.C |
AT&T Inc., Series C, 4.750% |
2/18/2020 |
BB+ |
2.00% |
02/18/25 @ 25 |
19.76 |
ATHS |
Athene Holding Ltd., 7.25% Variable Rate, Due 03/30/2064 |
3/7/2024 |
BBB |
1.00% |
03/30/29 @ 25 |
25.03 |
ATH.A |
Athene Holding Ltd., Series A, 6.35% Variable Rate |
6/10/2019 |
BBB |
0.50% |
06/30/29 @ 25 |
23.96 |
ATH.E |
Athene Holding Ltd., Series E, 7.750% Variable Rate |
12/12/2022 |
BBB |
1.00% |
12/30/27 @ 25 |
26.27 |
BAC.O |
Bank of America Corporation, Series NN, 4.375% |
10/29/2020 |
BBB– |
2.00% |
11/03/25 @ 25 |
19.21 |
BAC.S |
Bank of America Corporation, Series SS, 4.750% |
1/31/2022 |
BBB– |
2.00% |
02/17/27 @ 25 |
20.50 |
BEPH |
Brookfield BRP Holdings (Canada) Inc., 4.625% |
4/15/2021 |
BBB– |
1.00% |
04/30/26 @ 25 |
15.65 |
COF.J |
Capital One Financial Corporation, Series J, 4.800% |
1/31/2020 |
BB |
2.00% |
06/01/25 @ 25 |
18.76 |
CGABL |
Carlyle Finance LLC, 4.625%, Due 05/15/2061 |
5/4/2021 |
BBB |
1.50% |
05/15/26 @ 25 |
18.19 |
SCHW.J |
The Charles Schwab Corporation, Series J, 4.450% |
3/30/2021 |
BBB– |
3.00% |
06/01/26 @ 25 |
20.19 |
CFG.E |
Citizens Financial Group, Inc., Series E, 5.000% |
10/28/2019 |
BB+ |
1.00% |
01/06/25 @ 25 |
20.29 |
CMS.C |
CMS Energy Corp., Series C, 4.200% |
7/1/2021 |
BBB– |
0.50% |
07/15/26 @ 25 |
19.02 |
DTG |
DTE Energy Company, 4.375%, Due 12/01/2081 |
11/24/2021 |
BBB– |
1.49% |
12/01/26 @ 25 |
19.88 |
EQH.A |
Equitable Holdings, Inc., Series A, 5.250% |
11/27/2019 |
BBB |
1.50% |
12/15/24 @ 25 |
21.85 |
FGN |
F&G Annuities & Life, Inc., 7.95%, Due 12/15/2053 |
12/6/2023 |
BBB– |
2.50% |
12/15/28 @ 25 |
26.09 |
F.D |
Ford Motor Company, 6.500%, Due 08/15/2062 |
8/15/2022 |
BBB– |
1.50% |
08/15/27 @ 25 |
24.75 |
GL.D |
Globe Life Inc., 4.250%, Due 06/15/2061 |
6/14/2021 |
BBB+ |
0.50% |
06/15/26 @ 25 |
16.00 |
HBANL |
Huntington Bancshares Incorporated, Series J, 6.875% Variable Rate |
3/6/2023 |
BB+ |
1.00% |
04/15/28 @ 25 |
24.79 |
JXN.A |
Jackson Financial Inc., 8.000%, Variable Rate |
3/13/2023 |
BB+ |
1.25% |
03/30/28 @ 25 |
25.75 |
JPM.J |
JPMorgan Chase & Co., Series GG, 4.750% |
11/7/2019 |
BBB– |
1.50% |
12/01/24 @ 25 |
21.22 |
JPM.K |
JPMorgan Chase & Co., Series JJ, 4.550% |
3/17/2021 |
BBB– |
1.50% |
06/01/26 @ 25 |
20.17 |
JPM.L |
JPMorgan Chase & Co., Series LL, 4.625% |
5/20/2021 |
BBB– |
1.00% |
06/01/26 @ 25 |
20.56 |
KEY.L |
Keycorp, Series, 6.200%, Variable Rate |
8/24/2022 |
BB |
1.50% |
12/15/27 @ 25 |
22.35 |
KKRS |
KKR Group Finance Co. IX LLC, 4.625%, Due 04/01/2061 |
3/31/2021 |
BBB+ |
1.25% |
04/01/26 @ 25 |
19.03 |
LNC.D |
Lincoln National Corporation, Series D, 9.000% |
11/22/2022 |
BBB– |
1.00% |
12/01/27 @ 25 |
28.43 |
MET.F |
MetLife, Inc., Series F, 4.750% |
1/15/2020 |
BBB |
2.00% |
03/15/25 @ 25 |
20.84 |
MS.K |
Morgan Stanley, Series K, 5.850%, Variable Rate |
1/31/2017 |
BBB– |
1.00% |
04/15/27 @ 25 |
24.41 |
MS.P |
Morgan Stanley, Series P, 6.500% |
8/2/2022 |
BBB– |
3.00% |
10/15/27 @ 25 |
25.65 |
PRE.J |
PartnerRe Ltd, Series J, 4.875% |
3/15/2021 |
BBB |
1.00% |
03/15/26 @ 25 |
19.90 |
PFH |
Prudential Financial, Inc., 4.125%, Due 09/01/2060 |
8/21/2020 |
BBB+ |
2.00% |
09/01/25 @ 25 |
19.64 |
PRH |
Prudential Financial, Inc., 5.950%, Due 09/01/2062 |
8/17/2022 |
BBB+ |
2.00% |
09/01/27 @ 25 |
25.47 |
PSA.L |
Public Storage, Series L, 4.625% (1) |
6/17/2020 |
BBB+ |
0.75% |
06/17/25 @ 25 |
20.59 |
PSA.M |
Public Storage, Series M, 4.125% (1) |
8/14/2020 |
BBB+ |
1.00% |
08/14/25 @ 25 |
18.36 |
PSA.P |
Public Storage, Series P, 4.000% (1) |
6/16/2021 |
BBB+ |
2.00% |
06/16/26 @ 25 |
17.75 |
RF.E |
Regions Financial Corporation, Series E, 4.450% |
5/4/2021 |
BB+ |
1.00% |
06/15/26 @ 25 |
17.56 |
RZB |
Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 (2) |
6/8/2016 |
BBB+ |
0.50% |
06/15/26 @ 25 |
25.16 |
RZC |
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/2052 |
9/23/2022 |
BBB+ |
2.99% |
10/15/27 @ 25 |
26.15 |
RNR.G |
RenaissanceRe Holdings Ltd., Series G, 4.200% |
7/12/2021 |
BBB |
1.75% |
07/15/26 @ 25 |
17.92 |
SCE.M |
SCE Trust VII, Series M, 7.50% |
11/22/2023 |
BB+ |
3.00% |
11/22/28 @ 25 |
26.35 |
SREA |
Sempra, 5.750%, Due 07/01/2079 |
6/26/2019 |
BBB– |
1.50% |
10/01/24 @ 25 |
24.08 |
SOJD |
The Southern Company, Series 2020, 4.950%, Due 01/30/2080 |
1/9/2020 |
BBB |
2.25% |
01/30/25 @ 25 |
21.70 |
SOJE |
The Southern Company, Series C, 4.200%, Due 10/15/2060 |
9/18/2020 |
BBB |
2.25% |
10/15/25 @ 25 |
19.59 |
SF.C |
Stifel Financial Corp., Series C, 6.125% |
5/19/2020 |
BB |
0.50% |
06/15/25 @ 25 |
23.95 |
TPGXL |
TPG Operating Group II, L.P., 6.950%, Due 03/15/2064 |
3/4/2024 |
BBB– |
2.00% |
03/15/29 @ 25 |
25.81 |
TFC.O |
Truist Financial Corporation, Series O, 5.250% |
5/27/2020 |
BBB– |
1.50% |
06/01/25 @ 25 |
22.80 |
TFC.R |
Truist Financial Corporation, Series R, 4.750% |
8/3/2020 |
BBB– |
1.99% |
09/01/25 @ 25 |
20.41 |
USB.P |
U.S. Bancorp, Series K, 5.500% |
8/14/2018 |
BBB |
2.00% |
06/07/24 @ 25 |
23.79 |
USB.S |
U.S. Bancorp, Series O, 4.500% |
2/9/2022 |
BBB |
2.00% |
04/15/27 @ 25 |
19.65 |
UZE |
United States Cellular Corporation, 5.500%, Due 03/01/2070 |
12/2/2020 |
BB |
1.00% |
03/01/26 @ 25 |
17.39 |
UZF |
United States Cellular Corporation, 5.500%, Due 06/01/2070 |
5/17/2021 |
BB |
1.00% |
06/01/26 @ 25 |
17.43 |
UZD |
United States Cellular Corporation, 6.250%, Due 09/01/2069 |
8/12/2020 |
BB |
0.75% |
09/01/25 @ 25 |
19.19 |
VOYA.B |
Voya Financial, Inc., Series B, 5.350%, Variable Rate |
6/18/2019 |
BBB– |
3.01% |
09/15/29 @ 25 |
24.06 |
WRB.F |
W.R. Berkley Corporation, 5.100%, Due 12/30/2059 |
12/16/2019 |
BBB– |
1.25% |
12/30/24 @ 25 |
21.37 |
WFC.A |
Wells Fargo & Company, Series AA, 4.700% |
10/28/2020 |
BB+ |
1.01% |
12/15/25 @ 25 |
20.45 |
WFC.Z |
Wells Fargo & Company, Series Z, 4.750% |
1/27/2020 |
BB+ |
3.00% |
03/15/25 @ 25 |
20.58 |
*As of the initial date of deposit. The ratings are by Standard & Poor’s and are unaudited. A credit rating is an assessment provided by a nationally recognized statistical
rating organization (NRSRO), including Standard & Poor’s
Rating Group, of the creditworthiness of an issuer with respect to debt obligations. Standard & Poor’s ratings are measured on a scale ranging from AAA (highest) to D (lowest). Sub-investment grade ratings are those rated
BB+ or lower. Investment grade ratings
are those rated BBB- or higher.
**The securities are first redeemable on the date and price listed. Certain of the securities have provisions which would allow for their redemption prior to the earliest
stated call date pursuant to the occurrence of certain
extraordinary events.
***As of the close of business on 5/8/24. Market values are for reference only and are not indicative of your individual cost basis.
(1) These securities represent preferred stocks or trust preferred securities of REITs. REITs comprise approximately 3.75% of the investments of the Trust
(2) This security has a “make whole” call option and is redeemable in whole or in part at any time at the option of the issuer, at a redemption price equal to the greater of: 1) 100% of the principal amount or 2) the sum of the
remaining scheduled payments of principal and interest, plus, in either case, any accrued and unpaid interest on the principal amount being redeemed to the date of redemption.
Not FDIC Insured Not Bank Guaranteed May Lose Value |
Portfolio Summary |
Initial Date of Deposit |
5/9/2024 |
Initial Public Offering Price |
$10.00 per Unit |
Portfolio Ending Date |
5/8/2026 |
Historical 12-Month Distribution Rate of Trust Holdings:1 |
4.66% |
Historical 12-Month Distribution Per Unit:1 |
$0.4662 |
Cash CUSIP |
30335M468 |
Reinvestment CUSIP |
30335M476 |
Fee Accounts Cash CUSIP |
30335M484 |
Fee Accounts Reinvestment CUSIP |
30335M492 |
Average Number of Years of Call Protection2 |
2.37 Years |
1
There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions
in the future. The historical 12-month distribution per unit and historical 12-month distribution rate of
the securities included in the trust are for illustrative purposes only and are not indicative of the trust’s
distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted
average of the trailing 12-month distributions paid by the securities included in the portfolio. The historical
12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust’s
offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and
expenses, which will be incurred when investing in a trust. PLEASE NOTE: The historical distribution rate is
calculated using only the holdings that have 12-months of distribution history as of the date of deposit. As
of the date of deposit, there were 7 holdings without the required 12-month distribution history which were
excluded from the calculation, representing 15.00% of the aggregate market value of the portfolio. Certain
of the issuers may have reduced their dividends or distributions over the prior 12 months. The distribution per
unit and rate paid by the trust may be higher or lower than the amount shown above due to certain factors
that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual
expenses incurred, or the sale of securities in the portfolio
2Average number of years until the securities in the portfolio are callable, prohibiting an issuer from
redeeming or buying it back over a specified period, on average.
Sales Charges & Expenses (based on a $10
public offering price) |
Standard Accounts Sales Charges |
Transactional Sales Charges |
Initial: |
0.00% |
|
Deferred: |
2.25% |
Creation & Development Fee (C&D Fee) |
|
0.50% |
Maximum Sales Charge |
|
2.75% |
Fee/Wrap Accounts |
Maximum Sales Charge |
|
0.50% |
The deferred sales charge will be deducted in three monthly installments commencing 8/20/24. When the
public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If the price
exceeds $10.00 per unit, you will pay an initial sales charge. The maximum sales charge for investors in fee
accounts consists of the C&D fee. Investors in fee accounts are not assessed any transactional sales charges.
Standard accounts sales charges apply to units purchased as an ineligible asset. The C&D fee is a charge of
$0.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10.00 per
unit, the C&D fee will be less than 0.50%; if the price you pay is less than $10.00 per unit, the C&D fee will
exceed 0.50%. In addition to the sales charges listed, UITs are subject to annual operating expenses and
organization costs.
You should consider the portfolio's investment objectives, risks, and
charges and expenses carefully before investing. Contact your financial professional
or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus,
which contains this and other information about the portfolio. Read it carefully
before you invest.
Risk Considerations
An investment in this unmanaged unit
investment trust should be made with an understanding of the risks
involved with owning preferred stocks and trust preferred securities,
such as an economic recession, volatile interest rates and the possible
deterioration of either the financial condition of the issuers of the trust
preferred securities or the general condition of the stock market.
You should be aware that the portfolio is concentrated in preferred
stocks and trust preferred securities issued by companies in the
financials sector which involves additional risks, including limited
diversification. The financials sector is subject to the adverse effects of
volatile interest rates, economic recession, decreases in the availability
of capital, increased competition from new entrants in the field, and
the potential for increased regulation. Preferred stocks and trust
preferred securities are typically subordinated to bonds and other debt
instru ments in a company’s capital structure, in terms of priority to
corporate income, and therefore will be subject to greater credit risk
than those debt instruments.
Certain of the securities held in the trust are “high-yield” securities which
are rated below investment grade. Investing in high-yield securities
should be viewed as speculative and you should review your ability to
assume the risks associated with investments that use such securities.
High-yield securities are subject to numerous risks including higher
interest rates, economic recession, deterioration of the high yield
market, possible downgrades and defaults of interest and/or principal.
High-yield security prices tend to fluctuate more than higher rated
securities and are affected by short-term credit developments to a
greater degree.
Certain of the securities in the portfolio are issued by Real Estate
Investment Trusts (REITs). Companies involved in the real estate
industry are subject to changes in the real estate market, vacancy rates
and competition, volatile interest rates and economic recession.
Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers
As the use of Internet technology has become more prevalent
in the course of business, the trust has become more
susceptible to potential operational risks through breaches in
cybersecurity.
Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility
within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.
The ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.
The value of the securities held by the trust may be subject to
steep declines or increased volatility due to changes in
performance or perception of the issuers.
This UIT is a buy and hold strategy and investors should consider their
ability to hold the trust until maturity. There may be tax consequences
unless units are purchased in an IRA or other qualified plan.
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CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.
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30335M468 |
(Cash) |
30335M476 |
(Reinvest) |
30335M484 |
(Cash-Fee) |
30335M492 |
(Reinvest-Fee) |
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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